The stock of CVS Health Corp (NYSE:CVS) gapped down by $7.68 today and has $66.99 target or 9.00% below today’s $73.62 share price. The 7 months technical chart setup indicates high risk for the $79.43B company. The gap down was reported on Nov, 8 by Barchart.com. If the $66.99 price target is reached, the company will be worth $7.15 billion less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 50.22 million shares traded hands or 658.61% up from the average. CVS Health Corp (NYSE:CVS) has declined 19.34% since April 6, 2016 and is downtrending. It has underperformed by 21.30% the S&P500.
CVS Health Corp (NYSE:CVS) Ratings Coverage
Out of 15 analysts covering CVS Health (NYSE:CVS), 11 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 73% are positive. CVS Health has been the topic of 22 analyst reports since July 22, 2015 according to StockzIntelligence Inc. As per Wednesday, August 19, the company rating was reinitiated by Evercore. UBS initiated CVS Health Corp (NYSE:CVS) on Thursday, October 6 with “Buy” rating. The firm has “Outperform” rating by RBC Capital Markets given on Wednesday, August 5. The stock has “Neutral” rating given by Goldman Sachs on Thursday, December 17. The stock has “Buy” rating given by Vetr on Monday, August 24. Oppenheimer maintained CVS Health Corp (NYSE:CVS) on Friday, August 28 with “Outperform” rating. The rating was maintained by Deutsche Bank on Thursday, August 20 with “Hold”. The stock of CVS Health Corp (NYSE:CVS) has “Outperform” rating given on Thursday, December 17 by Oppenheimer. Barclays Capital reinitiated CVS Health Corp (NYSE:CVS) on Thursday, March 10 with “Overweight” rating. S&P Research maintained the shares of CVS in a report on Monday, November 2 with “Strong Buy” rating.
According to Zacks Investment Research, “CVS Health Corporation is a pharmacy innovation company. Its offerings include pharmacy benefit management services, mail order, retail and specialty pharmacy, disease management programs, and retail clinics. The Company serves employers, insurance companies, unions, government employee groups, managed care organizations and other sponsors of health benefit plans, and individuals under the CVS Caremark Pharmacy Services, Caremark, CVS Caremark, CarePlus CVS/pharmacy, RxAmerica, Accordant, SilverScript, and Novologix names. CVS Health Corporation, formerly known as CVS Caremark Corporation, is headquartered in Woonsocket, Rhode Island.”
Insitutional Activity: The institutional sentiment decreased to 1 in Q2 2016. Its down 0.10, from 1.1 in 2016Q1. The ratio turned negative, as 67 funds sold all CVS Health Corp shares owned while 574 reduced positions. 97 funds bought stakes while 544 increased positions. They now own 833.68 million shares or 6.91% less from 895.55 million shares in 2016Q1.
Morgens Waterfall Vintiadis & has invested 2.66% of its portfolio in CVS Health Corp (NYSE:CVS). Moreover, General Company has 0.24% invested in CVS Health Corp (NYSE:CVS) for 476,506 shares. Sun Life Fin accumulated 0.08% or 7,294 shares. Eastern National Bank & Trust has 20,364 shares for 0.16% of their US portfolio. Dearborn Prns Limited Liability Company holds 1.28% or 153,827 shares in its portfolio. Aberdeen Asset Mngmt Public Ltd Liability Uk has 2.63% invested in the company for 7.43M shares. Oakbrook Invests Ltd has 115,196 shares for 0.61% of their US portfolio. Mairs & Pwr has invested 0% of its portfolio in CVS Health Corp (NYSE:CVS). Regentatlantic Capital Ltd Liability Corporation has 1.45% invested in the company for 157,178 shares. Moreover, State Of New Jersey Common Pension Fund D has 0.31% invested in CVS Health Corp (NYSE:CVS) for 714,943 shares. Ntv Asset Management Lc holds 0.1% of its portfolio in CVS Health Corp (NYSE:CVS) for 2,878 shares. Stevens First Principles Advsrs owns 35,431 shares or 2.53% of their US portfolio. Nikko Asset Mgmt Americas has 8,600 shares for 0.08% of their US portfolio. Zevin Asset Management Limited Liability owns 182,152 shares or 4.84% of their US portfolio. Lee Danner & Bass holds 35,607 shares or 0.41% of its portfolio.
More notable recent CVS Health Corp (NYSE:CVS) news were published by: Fool.com which released: “Why CVS Health Corp Stock Is Falling Today” on November 08, 2016, also Nasdaq.com with their article: “Mid-Morning Market Update: Markets Open Lower; CVS Health Issues Weak Guidance” published on November 08, 2016, Investorplace.com published: “Why Valeant Pharmaceuticals Intl Inc (VRX), CVS Health Corp (CVS) and …” on November 08, 2016. More interesting news about CVS Health Corp (NYSE:CVS) were released by: Prnewswire.com and their article: “CVS Health Corporation To Hold Third Quarter 2016 Conference Call” published on October 28, 2016 as well as Fool.com‘s news article titled: “Better Buy: CVS Health Corporation vs. Walgreens Boots Alliance” with publication date: October 11, 2016.
CVS Company Profile
CVS Health Corporation, incorporated on August 22, 1996, together with its subsidiaries (CVS Health), is a pharmacy company. The Firm operates through three business divisions: Pharmacy Services, Retail/LTC and Corporate. The Firm offers a range of services and products, such as advising patients on their medications at its CVS Pharmacy locations, introducing programs to help control costs for its clients at CVS Caremark, how care is delivered to its patients with conditions through CVS Specialty, pharmacy care for the senior community through Omnicare. The Pharmacy Services Segment provides a range of pharmacy benefit management (PBM) solutions. The Retail Pharmacy segment includes retail drugstores, online retail pharmacy Websites and its retail healthcare clinics.
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